Answer:
b $19,000
Explanation:
The reconciliation between the book balance and the bank statement examines the transactions recorded in either account but omitted in the other and the transactions recorded wrongly in both accounts.
Given the following transactions
Cash in Bank - checking account = $18, 500
Cash on hand = $500
Post dated checks received = $3 500 and
Certificates of deposits = $24,000
Cash balance in balance sheet = $18, 500 + $500 + $24,000
= $43,000
The post dated check is not included as the cash is yet to be received. The balance in the post dated check will form part of the receivables balance and not that of cash.
The certificate of deposit may be accounted for as part of cash and cash equivalent as shown in the computation above. Where the certificate of deposit is accounted for as a short term investment,
Cash balance in balance sheet = $18, 500 + $500 = $19,000
Answer:
$4,600
Explanation:
Data provided in the question:
Purchasing cost of the van = $20,000
Adjusted basis = $5,800
Worth of the van at the time of accident = $6,000
Insurance reimbursement = $1,200
Now,
The amount of Riley's casualty loss deduction will be
= Adjusted basis - insurance reimbursement
or
Amount of Riley's casualty loss deduction = $5,800 - $1,200
or
Amount of Riley's casualty loss deduction = $4,600
I believe the question you're asking is cut off...
Answer:
430
Explanation:
Riverside company issued a long term debt of 350
They paid dividend of 20
They also issued a capital stock of 100
Therefore the cash flow from financing activities can be calculated as follows
=long term debt - dividend + issued capital stock
= 350-20+100
= 330+100
= 430
Hence the cash flow from financing activities was 430
Answer: The amount of bad debt expense the company would record would be $3,470.
Explanation: Bad debt expense is an estimate of accounts receivable that is deemed as uncollectible while allowance for doubtful accounts is a balance sheet allowance account that warehouses the total balance of accounts receivable that is deemed irrecoverable.
In this scenario, Simple Co. estimated, using the aging method, that the allowance for doubtful accounts is $3,800. However, it had a credit balance of $330 in the same account. The reinstate the allowance account to $3,800, $3,470 has to be adjusted for by debiting bad debt expense and crediting allowance for doubtful account.